Countries in the EU have agreed to lend Spain up to 100 billion euros ($125 billion). Independent audits said the banks would need up to 62 billion euros to stabilize. “Restructuring the banking sector is key to reinforce the confidence in the Spanish economy and to restore the conditions to proper access to credit by companies and households, thus for sustaining the recovery,” said Olli Rehn, European commissioner for economic and monetary affairs. The funds will come from the state-backed Fund for Orderly Bank Restructuring. Spain plans to sign a memorandum of understand for the package by July 9, which will include details as exactly how much would be borrowed.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
Spain formally requests a bailout (BBC)
Comments
Special Features
2013 Outlook As we move into a transition year, check out LifeHealthPro's conjectures for the life, annuities, health and disability markets.
100 Best Sales & Marketing Ideas Whether you want ideas for referrals, generating leads or just listening to your clients better, we have the sales and marketing tips you need.
The Complete ELNY Saga For more than two decades, the Executive Life Insurance Company of New York (ELNY) has been bled for billions of dollars while languishing in a state-imposed purgatory.
Life Insurance A-Z This alphabetical-themed infographic will help your clients feel more comfortable discussing life insurance protection concepts.
2012 Advisor of the Year Through a very thorough nomination process we look to find a top producer who is a true cornerstone of a community.
Senior Survey 2011 In this special section, find out how seniors build their nest egg, make an estate plan, finance their health care and where they live.
